Chiyou Shares (603429) Quarterly Report Comments: Significant Pre-Increase in Fourth Quarter Results Optimistic on Company’s Cigarette Standard + New Tobacco Two-Wheel Drive

Chiyou Shares (603429) Quarterly Report Comments: Significant Pre-Increase in Fourth Quarter Results Optimistic on Company’s Cigarette Standard + New Tobacco Two-Wheel Drive
The fourth-quarter performance was pre-increasing.The company released three quarterly reports, and achieved operating income for Q1-Q3 in 194.12 ppm, an increase of 42 in ten years.86%, net profit attributable to mother 1.10,000 yuan, an increase of 33 in ten years.18%, deducting non-net profit of 0.0.94 million yuan, an increase of 37 in ten years.48%.3Q19 realized operating income1.21 ppm, an increase of 16 in ten years.43%, net profit attributable to mother 0.24 ppm, an increase of 13 in ten years.84%, deducting non-net profit of 0.22 ppm, an increase of 9 in ten years.31%.The company announced a pre-increasing performance and expects to realize net profit attributable to mothers in 20191.9.6 billion-2.19 ‰, a year-on-year increase of 70% -90%, 19Q4 achieved net profit attributable to mother.96 ppm-1.1.9 billion, an increase of 139 every year.72% -197.60%. The fourth quarter is the peak season for cigarette bidding. The company’s Q4 business volume is expected to increase and maintain rapid growth. The profit level is stable, and the expense ratio remains stable.Company 19Q1-Q3 gross profit margin 43.54%, a decrease of 4 over the same period last year.75pct, of which 19Q3 gross margin is 40.88%, a decrease of 0 from the previous month in 19Q2.At 25pct, the decline in the company’s gross profit margin was mainly due to the significant increase in the proportion of cigarette label business. The cigarette label business is currently generating an emission period. It is expected that the company’s gross profit margin will rise steadily after it reaches capacity.19Q1-Q3 management expense ratio, sales expense ratio, and financial expense ratio are 2 respectively.50%, 8.15%, -0.41%, -0 from the same period last year.03pct, -0.98 points, -0.36pct; 19Q3 are 2 respectively.79%, 9.74%, -0.82%, a change of -0 over the same period last year.76pct, -0.59 points, -0.84pct, the level of expense ratio increased slightly 杭州桑拿洗浴会所 in the third quarter, but the overall is still in the improvement range compared with the same period last year. Equity incentives constrain the management team’s interests, and the introduction of high-level assessment standards demonstrates the company’s confidence.In September 19, the company issued an equity incentive plan. The proposed number of shares granted was 6.85 million shares, accounting for 2 of the company’s total share capital.58%. The incentive plan involved a total of 26 incentive objects, of which the company’s cigarette label business leader, the company’s president Guo Shuguang, was granted ownership of 168 shares.70,000 shares, accounting for 24 of the total number of shares in this expansion.62% of the total share capital is 0.63%, a large proportion of the company’s core management personnel 厦门夜网 were awarded incentives for joint stock companies, the company’s future development momentum is strong.The company’s 2019-2021 performance appraisal (net profit attributable to the mother who does not pay the share expenditure expenses) has targets of RMB 240 million and RMB 600 million, an annual increase of 73.3%, 100.0%, 50.0%, the company issued high-performance evaluation standards, showing the company’s business development confidence, we expect the company’s performance will maintain rapid growth year by year. The Chinese version of heating does not burn more than 100 billion spaces, and the company’s sheet technology field has a carding advantage.HNB cartridges clearly belong to tobacco products. China Tobacco Corporation is actively deploying new tobacco products. Hubei, Sichuan, and Yunnan China Tobacco alternate heating type new tobacco products have been released. Currently, Guangdong, Sichuan, Hubei, and Yunnan have begun to sell heated non-combustion products overseas.They are all in active reserves.China Tobacco’s positive actions reflect a clear domestic policy attitude. Jiyou focuses on heating non-combustion products, and continues to promote cooperation with China Tobacco. The company is leading the HNB layout. In 17 years, it established a joint engineering center with Anhui Tobacco.The conditions of formula screening and small batch setting out of the homogenized tobacco crushed tobacco group are both performed.It has joined hands with Jiangsu Tobacco and Chongqing Tobacco to jointly develop and promote the achievement of industrialization and landing is worth looking forward to.The company’s wafer production qualification is being smoothly promoted, and the Chinese version of HNB is continuously advancing. The company’s wafer technology has a card position advantage.HNB is a blue ocean market with a scale of more than 100 billion. The annual profit of the segmented market is nearly 10 billion. Domestic policies actively promote the development of new tobacco products. The future is bright and broad. The company’s 19-year cigarette standard has entered a heavy volume period, which has contributed to great performance flexibility.In 19H1, the new production capacity of the tobacco label in Taihu Base was officially put into operation, and the technical reform of Shaanxi Dafeng was carried out smoothly. After the cigarette label was in place at the end of 18 years, the certification work of new customers for about half a year had achieved results, and the tobacco label revenue in the first half of the year1.45 billion (VS 18 initially 1.5.7 billion), benefiting from increased production capacity in the second half of the year, new customer orders, and the peak bidding season for cigarette labels. The cigarette labels are expected to enter a rapid volume period, with sales of 220,000 boxes in 18 years, and we expect to reach 800,000 boxes in 19 years.The completion of the project is expected to reach 2.45 million boxes after the project is completed in 2020. With high incentive plan assessment goals, we are optimistic about the company’s smoke standard and heating and non-combustion business two-wheel drive.The cigarette label enters into the fast volume period, and the dual technology advantage of heating and non-combustion card works closely with China Tobacco.Due to the pace of the company’s business launch, we adjusted the company’s profit forecast. It is expected that the company’s 19/20/21 profit forecast will be attributed to the parent’s net profit of 2.11/4.97/7.USD 6.6 billion, a year-on-year increase of 83% / 135% / 54%. The current corresponding PE is 44.1X / 18.7X / 12.2. Maintain “Buy” rating. Risk Warning: The development of cigarette label business is less than expected, the new tobacco policy is less than expected, etc.

Tianshun Wind Energy (002531): Expansion of production capacity has obvious growth performance in the first half

Tianshun Wind Energy (002531): Expansion of production capacity has obvious growth performance in the first half

Matters: The company’s revenue increases by 53% each year, and the net profit attributable to mothers has increased by 38%. The effect of capacity expansion is obvious. In the first half of 2019, the company’s main business income was 24.

77 ppm, an increase of 53 in ten years.

26%; revenue in the second quarter of a single quarter was 16.

3.6 billion, an increase of 94% from the previous month, an obvious increase.

  In the first half of the year, the company achieved net profit attributable to its mother3.

34 ‰, an increase of 38% in ten years, and realized non-net profit3.

160,000 yuan, an increase of 41 in ten years.


Net profit attributable to mothers in the second quarter of the second quarter2.

47 ppm, an increase of 184% month-on-month, and single-quarter profitability improved significantly.

  The initial growth of the company’s performance is primarily due to the smooth expansion of the company’s business lines. In the first half of the year, wind tower sales revenue increased by 43%, power generation revenue increased by 79%, and blade revenue increased by 341%.

Wind tower capacity expanded steadily, gross profit per ton rebounded in the first half of 2019, and the company achieved operating income of wind towers and related products18.

75 ppm, an increase of 42 per year.

72%, the company’s production volume of wind towers and related products22.

24 Initially, the annual increase is 43.

39%; sales volume 20.

38 each year, an increase of 21 each year.


The company’s gross profit per ton of wind tower products is about 1,850 yuan, which continues to rise.

  The increase in the company’s production capacity was mainly due to the completion of the expansion and expansion of the Taicang Plant, Baotou Plant and Zhuhai Plant. The company’s production capacity reached more than 50.

In addition, the company will build a new wind tower with a capacity of 10 in Tancheng, Shandong. It is expected to be completed and put into production by the end of this year.

In addition, the company is expected to find new construction bases overseas and expand overseas production capacity.

The company’s 18-year wind tower production capacity is in an adjustment period, which affects the company’s internal production and sales. The current capacity adjustment is completed and it is expected to grow in 19 years. And the delivery of orders affected by the rapid rise in steel prices in the early stage is completed.Will gradually improve.

The company’s wind tower performance will grow rapidly in the future.

The newly-added 215MW operating wind farm has a high degree of certainty in the growth of wind farm operation. In the first half of 2019, the company’s wind power business realized sales revenue2.

78 ppm, an increase of 78 in ten years.

84%, Internet power 5.

6.8 billion degrees, gross margin reached 71.


So far, the company has added 215MW of wind farms, and has built and operated a total of 680MW of wind farms, with a planned start of 199.

4 MW.

The company’s Heze Licun second-phase wind farm has realized grid-connected power generation, Nanyang Tongbai Xiemaling wind farm has realized full-grid power generation, and Shandong Tancheng 150MW project has all been grid-connected.

In the past two years, the company’s wind farm operating capacity has continued to increase, which will bring stable revenue growth to the company. The reduction of the future wind abandonment rate of the company’s Xinjiang Hami project will also bring a significant increase in the company’s profits.

The first phase of Changshu has reached production, with revenue and gross margin increasing significantly. The future space will exceed the first half of 2019, and the company’s blade revenue will reach 2.

53 trillion, an increase of 341 each year.


The company produces 86 blades and sells 89 blades; 13 molds produce and 13 sales.

In 2018, the company’s first-phase plant at Changshu Tianshun Blade Production Base was officially put into operation, and the ramp-up of production capacity was basically completed.The company’s blade gross margin reached 29.

42%, an increase of 3 per year.

35 units.

In the first half of 2019, due to the recovery in industry demand and the long-term trend of overlapping large-scale wind power equipment, the supply of large-scale wind power blades in China has been in short supply to a certain extent.

The company will continue to pay attention to the overall supply and demand of the blade market and the state of regional development, and in accordance with its own customer development, it will timely expand the capacity of the blade segment.

At present, the company’s blade business customers are mainly domestic customers. In the future, it will open up overseas markets and are waiting for the machine to start the second phase of the project. The blade business must break through the upside.

Investment suggestion We believe that the company’s 18-year wind tower performance is affected by the gross profit per ton. There 武汉桑拿 is no significant increase, and there will be a significant improvement in 2019. It is expected that the net profit attributable to the mother for 2019-2021 will be 7.



7.2 billion.

EPS is 0.



77 yuan, raise the target price to 8.

00 yuan, given a “buy” rating.

Risks suggest that increasing installed capacity in overseas markets will decrease and affect the company ‘s overseas wind tower business. The company ‘s overseas orders cannot maintain positive growth; the abandonment rate has not been improved, wind power investment is subject to policy constraints, and domestic new installed capacity has not increased, affecting industry demand; steel pricesrise.

Long Mang Baili (002601): Yunnan Xinli’s Comprehensive Resumption of Production and Expansion Plans Continues Growth

Long Mang Baili (002601): Yunnan Xinli’s Comprehensive Resumption of Production and Expansion Plans Continues Growth
Event: On January 9th, the company resumed production in Xinming Titanium Industry Co., Ltd. of Kunming Antiques Longman Bailian Group, Kunming, Yunnan Province, and the inauguration ceremony of the major projects of the titanium industry and the forum of scale development of the titanium oxide industry. Yunnan Xinli resumed production.Since the company issued an announcement on May 14, 2019, it intends to acquire Yunnan Xinli shares. After that, it resumed production in an intensive and orderly manner, which lasted less than 8 months, and Xinli Titanium officially officially resumed full production, including 8 annual highs.Titanium slag production line, 10 tons / year chlorination method titanium dioxide production line, 1 ton / year sponge titanium production line, can greatly increase the company’s performance in 2020. Follow up the expansion plan and enlarge and strengthen the new base.After Xinli Titanium Industry resumes full production, it will start construction of 16 indicators / year high titanium slag, 20 / year titanium chloride white and 3 / year sponge titanium.After the above projects are successfully completed and the production is steadily reached, the Longman Baili Xinli base will eventually form a production scale of 30 precipitation / year titanium chloride slag, 30 precipitation / year chlorinated titanium dioxide and 5 precipitation / year sponge titanium.Xinli Titanium Industry will become the world’s largest titanium sponge production base and the most important titanium chloride production base in the country. At the same time, Chuxiong, Yunnan will also become China’s largest and most advanced titanium chloride industry chain base. Steady development and deployment of titanium and zirconium dual industries.2019 is a year of great strides for the company.The acquisition of Xinli Titanium Industry in May, and then the full and complete production resumed intensively. The acquisition of Oriental Zirconium in November can both expand the zirconium industry chain and supply titanium raw materials.In 杭州桑拿 December, the “Framework Agreement on Cooperation in the Titanium Industry” was signed with Jinchuan Group. A joint venture company will be established to jointly build a competitive and characteristic western region titanium industry base and accelerate the restructuring and integration of the titanium industry.In addition to the traditional titanium dioxide business, the company uses the advantages of the entire titanium industrial chain to quickly extend into the field of sponge titanium and titanium alloys, and at the same time promote the development and growth of the zirconium industry, and gradually form a “titanium-zirconium symbiosis, two wings development” pattern. Maintain “Buy” rating.It is estimated that the company’s net profit attributable to its parent in 2019-2021 will be 25 respectively.5/35.5/43.20,000 yuan, corresponding to EPS 1.26/1.75/2.13 yuan, PE 13/9/8 times. Considering the company’s further integration of titanium dioxide leading to solidification, the localization of chloride raw materials projects are progressing smoothly. Capacity-added projects will continue to contribute incremental performance. The company’s target price is 21 yuan, Corresponding to an estimated 12 times in 20 years, maintain the “Buy” rating. Risk reminder: the risk of falling titanium dioxide prices, the risk of new production capacity being less than expected, and the risk of reducing holdings.

Dongfang Yuhong (002271) Quarterly Review: Leading Mergers Steady Growth, Revenue Maintains Fast Growth Under High Base

Dongfang Yuhong (002271) Quarterly Review: Leading Mergers Steady Growth, Revenue Maintains Fast Growth Under High Base

Event company released the third quarter report of 2019, the number of reports, the company achieved operating income of 128.

95 ‰, an increase of 38 per year.

64%; net profit attributable to mother 15.

6.6 billion, an increase of 40 every year.


13. Realize grassroots non-solid mother net profit13.

40,000 yuan, an increase of 31 every year.

06%, the difference between the growth rate of the net profit of the same mother is the non-recurring profit and loss3.

2.8 billion government grants.

For the number of reports, the company’s three expense ratios have decreased from 22 in 18 years.

56% reduced to 21 with a reported advantage.

57%, of which the 北京夜网 management expense ratio is from 7.

45% expected 5.


The company’s Q3 single-quarter operating income reached 49.

870,000 yuan, an annual increase of 35.

2%, realizing net profit attributable to mother 6.

50 ppm, an increase of 31 per year.

1%, single quarter gross profit margin remained at 36.

3% high, net sales margin was 13.

08% compared with Q1 and Q2, and profitability improved.

Business expansion, cash flow staged companies under pressure at the end of the reporting period increased construction earnings by 112 compared to the beginning of the period.

29%, the company’s new factory expansion capacity expansion is still continuing, the future business expansion and capacity growth; the company’s account receivable balance at the end of the reporting period increased by 45 compared to the beginning 杭州夜网论坛 of the period.

43%. At the same time, the company repaid part of the payment by endorsement of the accepted bills, which caused the company to sell goods and provide labor services with an increase in cash receipts of 17 compared with the previous period.

68%. The budget company reported that there are other amounts of other receivables in the cash flow. This is due to the increase in the payment of performance bonds. The net cash flow generated from the company’s operating activities is under pressure, which is significantly less than the previous period.

In general, the company is still in the growth channel of capacity expansion and business expansion, capital demand transmission, and cash flow conditions are under pressure.

The effectiveness of organizational improvement has begun to appear, and the performance of the company’s organizational performance that has been promoted by property rights incentives has been preliminarily significant. The Engineering and Construction Materials Group has established three regions: North, South China, and East China to quickly realize the effective integration of direct sales and engineering channels, and give full play to the comprehensive advantages of channels + direct sales.At present, the company has formed a multi-dimensional engineering marketing network that combines a direct sales model with an engineering channel model, and a civil building materials marketing network with a retail channel model as its core, which has fully stimulated the vitality and momentum of the engineering market and the civil building materials market.

In addition, the company announced the implementation of the third phase of the stock incentive plan on September 20, 2019. The total number of incentives granted was 2,189, covering a wide range. It is committed to constraining the interests of employees and the company and helping the company’s long-term development.

Earnings forecast As the company’s revenue maintains a rapid growth and better profitability, the company’s net profit attributable to the mother for 2019 and 20 is forecasted from 19.

1.4 billion, 22.

8.3 billion adjusted to 20.

2.5 billion, 24.

34 trillion, corresponding to EPS 1.

36 yuan, 1.

63 yuan, the corresponding PE is 17.

2X, 14.

3 times, maintaining the “overweight” level.
Risk warning: the price of raw materials such as asphalt has risen sharply; bad debts of accounts receivable have increased significantly; demand for waterproofing materials has piled up.

Yili shares (600887) 2019 third quarter report review: steady growth reflects improved performance

Yili shares (600887) 2019 third quarter report review: steady growth reflects improved performance

Third-quarter results exceeded expectations: The company achieved operating income of 685 in the first three quarters of 2019.

2 ‰, an increase of 12 in ten years.

6%; 19Q3 achieved operating income of 235.

500 million, an increase of 10 in ten years.

8%, in line with expectations.

In the first three quarters, net profit attributable to mothers was 56.

3 ppm, an increase of 11 years.

6%, net profit margin 8.

2% (-0.


The net profit after deducting non-attribution is 52.

60,000 yuan, an increase of 12 in ten years.

3%, deducting non-net interest rate 7.

7% (0.


Among them, 19Q3 achieved net profit attributable to mother 18.

50,000 yuan, an increase of 15 in ten years.


In the third quarter, the net profit of non-returned mothers increased by 19.

6%, more than we expected.

The growth rate of the industry is growing, and the growth of dominant categories drives growth: the company’s main business income increased in the first three quarters.

4%, volume / structure / unit price contributed 6-7 / 4 / 1-2pct respectively, while Q3 single quarter unit price contributed positively.

In terms of categories, 1) the industry’s benchmark growth rate has slowed: according to Nielsen data, the industry’s room temperature / low temperature liquid milk growth rates in the first three quarters were 3% /-2.

5%, from January to August, the growth rate of the dairy industry reached 11% to 8% earlier than 18 years ago.

Among them, the growth rate of low-temperature liquid milk and milk powder in Q3 was further stirred compared with the first half.

2) The company’s advantage in room temperature milk business has expanded, and low temperature and milk powder products are partially affected by industry trends: Nielsen data shows that the company’s room temperature / low temperature / milk powder (January-August) market share in the first three quarters were + 2 / -1 / +0.

6 points.

In the first three quarters, the company’s room temperature liquid milk and milk powder growth rate maintained double digits, and the low temperature liquid milk growth rate was about -1%, faster than the industry.

Among them, the 19Q3 company’s room temperature liquid milk maintained a growth rate, while the growth rate of milk powder and low temperature liquid milk decreased slightly compared with the first half.

3) In terms of core products, the sales growth rate of Jindian / Anmuxi / Jinlingguan (January-August) in the first three quarters was 17 respectively.

8% / 17.

0% / 28.

6%, maintaining growth.

4) In terms of new business, the health drinks division has now basically completed the internal and external architecture. Next year, it will upgrade and integrate the brand under the new project; children’s cheese listed in the cheese section will enter the 2C channel and will develop 2B business 成都桑拿网 through Westland in the future.

Development basis for continuous optimization of product structure and increase of short-term expenses: The company’s gross profit margin increased by 0 in 19Q3.

2pct to 36.

1%, reflecting the effective driving effect of high-end products, but part of it was transformed by the increase in raw milk prices (the increase rate in the first three quarters was about 7).

0%).In terms of period expense ratio, 19Q3 sales expense ratio was half a year -2.

3pct to 21.

8%, mainly due to the high base and scale effect last year; the management expense ratio is at least +1.

0 points to 4.

5%, mainly due to the budget increase brought about by the establishment of new departments and employee incentives; the R & D expense rate is +0 per year.

3pct to 0.

56%, indicating that the 青岛夜网 company’s investment in product research and development has increased.

In addition, to address capacity constraints, the company has expanded new plants and production lines to support future sales and is expected to increase capital expenditure by approximately 10 billion.

The company’s expansion of channels and categories, new business exploration, short-term internal expenses, and capital expenditure have caused some pressure, but the expansion of the business landscape has replaced the alternative foundation.

Maintain “Buy” rating: We maintain the company’s net profit attributable to its mothers to be 69 in 2019-2021.

6, 72.

8 and 83.

500 million, the annual growth rate was 8.

08%, 4.

65% and 14.


We are optimistic about the company’s absolute advantages in the field of room temperature milk and its continuous high-end efforts, capacity expansion, new business layout and employee incentives to ensure its long-term growth momentum.

Maintain “Buy” rating.

Risk warning: demand for dairy products declines, industry competition intensifies, raw material costs rise, and food safety

Oupai Household (603833) 2019 Interim Report Express News Comments: Steady revenue growth, rapid profit growth, short-term pressure

Oupai Household (603833) 2019 Interim Report Express News Comments: Steady revenue growth, rapid profit growth, short-term pressure

Investment highlights: The company announced that the 2019 interim results report will basically meet expectations.

In the first half of 2019, revenues reached 55.

100 million, an increase of 13 in ten years.

7%; net profit attributable to mother 6.

33 ppm, an increase of 15 in ten years.

0%; of which Q2 achieved revenue of 33 in a single quarter.

07 billion, an annual increase of 12.

5%, Q2 returns to mother’s net profit 5.

41 ppm, an increase of 13 in ten years.


Steady revenue growth, increased dealer assistance and new channel development period, thus increasing profits at a short-term pressure.

We expect the company’s bulk revenue to improve in the second quarter due to the timing of revenue recognition.

During the gradual adjustment period of the industry, the company assisted traditional dealers, increased cost subsidies, shared the operating pressure of the industry adjustment period with dealers, and activated channel vitality; coupled with the development period of the assembly business department, the company’s 19Q2 profit growth rate (13.

5%杭州桑拿) earlier 19Q1 (25.

1%) improved.

A large proportion of large shareholders subscribed for convertible bonds, showing the company’s confidence in the future development.

The company announced the prospectus for convertible bonds, and the company plans to issue no more than 14.

95 billion convertible bonds were used in Qingyuan, Wuxi, and Chengdu to expand production capacity, initially set to 101.

46 yuan / share, major shareholder Yao Liangsong (holding 68.

54%) pledged to prioritize $ 800 million in placements, accounting for 53% of the total convertible debt in this public offering.


A large proportion of large shareholders’ subscription for convertible bonds represents confidence in the company’s future development.

Raise funds to expand production capacity, realize national distribution of production 重庆耍耍网 capacity, and continuously increase the basis of incremental production capacity.

The four core competitiveness of Oupai Furnishing reflects the king’s style and pushes the company through the cycle.

1) Management ability: company leaders’ forward-looking vision, wolf culture, and outstanding talent echelon construction.

The chairman maintains sufficient awareness of crisis and error correction at all stages of the company’s development, personally participates in the marketing business, and has a forward-looking judgment on the transformation of market demand.

Company management expert pk competition mechanism, under the elimination mechanism, employees are more enthusiastic.

2) Product strength: The development potential of the entire category is first-mover advantage, and multiple categories are gradually emerging.

The company has initially started multi-category operations in the industry. The current cabinet and wardrobe business are in the first and second in the industry respectively. After the incubation period, wooden doors have also entered a high-growth period. Bathroom, metal doors and windows have gradually cultivated a trend to replace alternative forces.

The production end has completed the nationwide production capacity distribution, and the scale advantage is outstanding.

3) Brand marketing power: The highest brand awareness and the marketing model leads the industry.

The company has been in the custom home furnishing industry for more than 20 years, and through all-round brand building, it gradually builds the “Europe” brand into the home furnishing brand with the highest recognition in the custom home furnishing industry, and its brand value exceeds its peers.

The company’s marketing strategy leads the industry. In 2015, it launched an innovative 19800 whole-house customized package, which quickly driven the increase in unit price of customers and led a new pricing model for the customized wardrobe industry.

4) Channel strength: Traditional channel distributors are strong, and new channel exploration and development are faster than their counterparts.

Oupai Home has started to develop distributors in 1999. The management is wolf-like. The annual elimination rate of 5% selects the strongest distributor resources in the region. At present, the traditional retail channel has nearly 7,000 stores, which is the highest in the industry.

In terms of new channels, the assembly model is developing rapidly. In 2019, 300 cities across the country will sign contracts and cooperation; bulk business will be signed by the headquarters, and the dealer execution model will make the company’s profit quality far exceed its peers.

The company’s leading advantages are outstanding, and the industry in which it is located has strong growth.

Although the custom home furnishing industry is in a period of adjustment and differentiation, the company’s entire category covers first-mover advantages, strong brand advantages, channel management advantages, new channel development advantages, and other comprehensive capacity building enterprises to operate moats, and the concentration promotes continuous improvement.We maintain our forecast of net profit attributable to mothers for 2019-2021 to 18.

9.9 billion, 22.

6.7 billion, 27.

29 ppm, an increase of 20 in ten years.

8% / 19.

4% / 20.

4%, currently consistent (103.

40 yuan / share) corresponds to 23 times, 19 times and 16 times the PE of 2019-2021, maintaining the “overweight” level!

Poly Real Estate (600048) Research Report: State-owned Enterprise Reform Actively Upgrades Strategically and Sets the Scale and Industry Ranking to Further Improve

Poly Real Estate (600048) Research Report: State-owned Enterprise Reform Actively Upgrades Strategically and Sets the Scale and Industry Ranking to Further Improve

Overall point of view: Poly Real Estate is more known as Poly Development, and strategic upgrades will bring both scale and profit.

The company’s performance continued to grow rapidly, with rich soil reserves and ideal layout areas; the marketization capabilities of the other two wings of the land’s business were improved, the coordinated development pattern was transformed, and new growth points in profit and scale were gradually formed.

Land acquisition and new construction have accelerated significantly in recent years as the basis for the growth of subsequent sales growth. The consolidation of the leading companies is stable and the ranking is expected to further improve.

Under the continuous contraction of the industry, the company’s sales growth led the industry; as a central enterprise project, it has wider access to financing and financing channels, and has extremely advantageous financing costs.

Measures such as incentives and investment also lead the way among state-owned enterprises.

The reform of the company’s state-owned enterprises has continued to advance, and the efficiency and growth rate is expected to be significant, optimistic about the company’s 杭州夜网论坛 future development.

It is predicted that the EPS from 2019 to 2020 will be 2.

0 yuan and 2.

45 yuan, corresponding to 7 for PE.

2 times and 5.

9 times, give “recommended” rating, suggest attention.

In recent years, land acquisition and new construction have accelerated, which is the basis for increasing scale.

The company’s land acquisition and new construction in recent years can be trimmed. The company’s land acquisition and new construction started to expand in 2016 and 2017, which will accelerate the development and foundation for the follow-up.

At the same time, the penetration and deep cultivation of first- and second-tier cities and core urban agglomerations continued to increase. In 2018, the amount and area of development of first- and second-tier cities were 74% and 61%, respectively.

The growth guarantees high ideal performance.

The company’s revenue and attributable net profit for six years are 20 for composite materials.

8% and 15.


In the first half of 2019, it achieved a ten-year revenue increase19.

48%, net profit attributable to mother increased by 53.


The increase in attributable net profit in the first three quarters also reached 34%, and the advance received on the account was the settlement income in 20181.

96 times, the annual performance guarantee is extremely high.

It is extremely advantageous to reduce the increase in financing costs while the resistance rate is stable.

As of the end of June 2019, the company replaced the advance payment of assets compensation40.

46%, which is in a continuous downward trend, which is also lower than the industry average; the net debt ratio is 76.

64%, an earlier decrease of 3.

92 averages.

The comprehensive cost of interest-bearing debt is only about 4.

99%, the cost of financing costs, has a great advantage in the industry.

Incentives are in place to increase returns to shareholders and increase returns.

The company incorporated unique military culture into modern enterprise management, followed by investment and fair incentive measures, and led the way among state-owned and state-owned enterprises. Reforms and innovations are expected to have new vitality.

The “Shareholder Return Plan 2018-2020” proposes that the annual cash dividends shall not be less than 30% of the net profit attributable to shareholders of the listed company in that year.

It is worth looking forward to continue to maintain a high dividend rate and actively give back to shareholders in the future.

risk warning.

Tighter-than-expected policy tightening, lower-than-expected real estate sales

Hengli Petrochemical (600346): 19Q3 net profit attributable to mother increased further 57.

96% ethylene, PTA projects under construction continue to advance

Hengli Petrochemical (600346): 19Q3 net profit attributable to mother increased further 57.

96% ethylene, PTA projects under construction continue to advance

Investment Highlights: The company achieved net profit attributable to mothers in Q3 201927.

9.6 billion, in line with our expectations.

In the first three quarters of 2019, the company’s operating income reached 763.

29 ppm, a 74-year increase of 74.

1%, net profit attributable to mother is 68.

170,000 yuan, an increase of 86 in ten years.

The 6% increase in performance was mainly due to the profit contribution brought by the integration of the refining and chemical integration project in 2000 / year, the profit increase of the PTA business, and the cost reduction after the company opened up the upstream PX integration.

In Q3 2019, it achieved operating income of 339 in a single quarter.

96 billion (+ 95% YoY).

61%, quarterly +24.

62%), net profit attributable to mother 27.

96 billion (+57 compared to the same period last year).

96%; second quarter

46%). The increase in revenue was mainly due to the full commissioning of refining and chemical projects.

The company’s operating cash flow in the first three quarters was 266 trillion, compared with 56 in the same period last year.

80,000 yuan, up 368.


19Q3 was affected by the narrowing of the PTA and FDY spreads, and the profit shifted from the previous quarter.

In the first three quarters of 2019, the company realized an initial PTA external sales volume of 411, with an average price of 5,337 yuan / ton (YoY-1.

31%), contributing 219 operating income.

5 billion, 11 years ago.

65%, we estimate the price of East China PTA at 19Q3 PTA-0.

66 * PX average spread is 1163 yuan / ton (YOY-9.

7%, QOQ-11.


The first three quarters of the company sold civilian polyester filament 98.

67 average, average price 9759.

23 yuan / ton, slightly over 9%, operating income of 96.

3 billion, previous interest rate 2.


In 19Q3, the main filament product FDY in East China had an average price of 8018.

61 yuan / ton, slightly exceeding 25%, 8% yuan from the previous quarter, affecting the quarterly quarterly profit.

The restructuring of refining and chemical projects is expected to bring significant profit growth.

The company’s “Hengli Refining and Chemical Refining and Chemical Integration Project for the Year 2000 / Year” was formally put into full production on May 17, 19, and the project has been transferred to fixed assets 324 in 2019H1.

7.5 billion, with 258 remaining.

5.1 billion projects under construction, and the company’s fixed assets at the end of 19Q3 increased by 26.2 billion compared with the end of 19Q2, mainly due to the conversion of fixed assets under construction in the refining and chemical integration project in 2000 / yearA total of 170 refined oil products have been sold since the transfer.79 for the first time, contributing 77.

200 million; chemical sales of 478 inputs, contributing 195 of revenue.

8.9 billion.

In addition, the company has obtained qualifications on October 22, becoming the first privately-owned refining and chemical enterprise with aviation oil production, further opening up oil sales channels.

Investment suggestion: Considering the industry’s business climate, the operation of refining 厦门夜网 and chemical projects and the progress of projects under construction, do we maintain 2019?
Net profit in 2021 is 89.

5.1 billion, 115.

7.6 billion and 138.

07 billion, the corresponding EPS forecast is 1 respectively.

27 yuan, 1.

64 yuan and 1.

96 yuan, PE is 13X, 10X and 8X.

Hengli Petrochemical’s 150 free radical ethylene plant is expected to be completed and put into operation at the end of October. Two 250-ton / year PTAs are dedicated to commissioning at the end of October 19 and February 2020. The projects under construction have been successively put into production and replaced.Growth, maintain “Buy” rating.

Risk reminders: Oil prices have fallen sharply, polyester industry chain profits have increased and narrowed, the refining and chemical boom has increased, Hengli Refining and Chemical Projects’北京夜网 operating rate has fallen short of expectations, PTA new capacity, ethylene and other projects under construction have been put into operation.

Taihua New Materials (603055): Q4 drags down long-term performance

Taihua New Materials (603055): Q4 drags down long-term performance

Preliminary results fluctuated slightly, and the drop in oil prices caused the fourth quarter.

In 2018, the company achieved operating income of 29.

7.4 billion (+9.

01%), deducting non-attributed net profit 3.

2.8 billion (-5.

11%), gross margin 25.

21% (-2.


Among them, Q4 single quarter deducted non-attributed net profit -0.

The decrease of 02 ppm and Q4 was mainly due to lower oil prices, passive destocking in the industrial chain, a decrease in the profit of nylon filament, and part of the inventory impairment.

The output of nylon fabrics increased significantly.

In terms of different industries, the company’s nylon filament, grey cloth, and fabric output increased by 5 in 2018.

35%, -6.

54%, 11.

10%, the substantial increase in fabric output shows that the company’s major customers have developed smoothly.

As the CPL in 2018 reduced the impact of the expansion of the industrial chain’s profits and the impact of Q4, the expansion of the three main business gross margins shifted to varying degrees (reduction of 0 respectively.

78, 1.

46, 0.


In 2019, the profit of the nylon industry chain is expected to shift to filaments, and the company fully benefits.

As the nylon leader gradually integrates upwards, 2019 will be the peak of CPL, and the production of chips will be increased, but the expansion of nylon silk is not much.

We count the CPL, slice, and filament production in 2019 for the years 55, 125, and 19 (28, 19, and 5, respectively, in 2018).

8), the profit of the nylon industry chain is expected to shift to downstream filaments, and the company’s outsourced chips will fully benefit.

Breaking through the integration of the industrial chain and R & D 南京桑拿网 capabilities, the company enhanced the speed of differentiated product development and market transformation.

In terms of yarns, the company’s enhanced functional yarns are currently being developed, and the output of newly developed products will increase to account for 10% of the output, thereby increasing the number of potential customers for new growth yarns by nearly 100.

In terms of grey fabrics, the company has developed more than 900 new varieties, and the sales of new grey fabric products accounted for nearly 30%.

In terms of fabrics, the company continued to expand the development cooperation with brand customers, increasing the number of brand customers by more than ten, and the revenue from orders for new fabrics to large goods accounted for 30%.

The production capacity continued to expand, and the nylon weaving leader was consolidated.

The company’s IPO fund-raising project (80 million meters dyeing, 34.5 million meters after the whole) is about to be completed; convertible bond investment project (76 million meters of high-grade nylon gray fabric fabric) has been completed 40%; practical, the company plans to build 12 efficient solutionsEnvironmentally friendly nylon fiber project.

The company focuses on expanding differentiated products, highlighting the coordinated development of filament-grey-fabric, and the nylon weaving leader is further strengthened.

We forecast the company’s net profit attributable to mothers in 2019/2020/20214.



0.6 million yuan, EPS 0.



11 yuan, corresponding to the current price of PE 14.


9 times, give “Buy” rating.

Risk reminder: sharp changes in oil prices, less than expected nylon demand, less-than-expected progress in the construction of investment projects

Shennan Circuit (002916): Communication bidding continues strong performance and growth momentum remains abundant

Shennan Circuit (002916): Communication bidding continues strong performance and growth momentum remains abundant

Event: The company participated in our annual capital market conference in the early stage. According to the main points of communication, we reorganized its investment logic, and tracked the changes in the marginal changes in this communication bidding.

  Comments: 1. Communications bidding continued its strong performance. Q4 and the first half of next year’s orders are optimistic. The company has achieved performance and reorganization since this year. The core driving force is downstream 4G capacity expansion. 5G construction demand drives communications customer orders.The first phase of new capacity was released quickly, the product structure continued to iterate 4 / 5G, and the product line’s good efficiency continued to be technologically upgraded to bring gradual improvement in profitability.

At present, the company’s production capacity is still in the state of supply and demand supplementation. From October to November, orders have steadily increased, and the proportion of 5G continues to increase.

In November, the bidding and bidding of major telecommunications customers increased by at least 30%. The company’s performance continued to be the share advantage of the first consecutive supplier. Recently, the bidding of another major telecommunications customer has also been interchangeable, gradually expanding and increasing.Continue the strong performance of a supply.

The two major customers accounted for 40% of the company’s total revenue in the first half of the year, and will continue to ensure that the company’s high-end revenue growth trend continues. As the company seeks to supplement its production capacity, the company’s current second-phase new capacity planning for Nantong will be gradually released.High-end datacom market demand will help improve the company’s existing gross profit level.

  2. The Wuxi carrier board project has climbed in an orderly manner. Next year, it is expected to achieve a monthly loss of about 300,000 square meters per year of the packaging substrate capacity of the company’s Longgang headquarters. Products including MEMS, RF, etc. are currently in short supply.

The Wuxi carrier board project has been connected for trial production since June this year. Currently, the existing MEMS (currently, wireless headsets have also become a driving force for increasing demand), the introduction of RF orders 天津夜网 to speed up the climb, and leading global customers on the storage side can gradually realizeMass production, follow-up is expected to introduce more top customers in Japan and South Korea.

At the current point in time, the company’s Wuxi carrier board project exceeded the amount of about 20 million yuan in a single quarter, which dragged down the company’s performance for a certain length. According to the company’s calculations, distortion losses can be achieved when the project investment reaches about 40-50%, and it is conservatively estimated that it will lead by mid-yearAchieve a single-month turnaround.

In the medium and long term, after the steady supplement of the Wuxi Carrier Board Project, the gross profit margin will not exceed the 28-29% gross profit margin 杭州桑拿网 of the existing carrier board business, which will subsequently have a positive effect on the improvement of the company’s overall gross profit margin.

In addition, China’s wafer fabs are in the period of large-scale investment and construction, and the demand for import substitution in the Chinese semiconductor industry chain is becoming stronger. At present, the company’s packaged packaging substrates can cover Nand-flash, Drama, FCCSP, EMMC and other application fields.It is expected to further dock the Yangtze River storage, Hefei Changxin and other domestic demand, and further increase the company’s revenue ceiling.

  3. The volume of product upgrades expands, and the growth momentum of thin-layer multi-layer through-hole track products and business barriers increase with the number of layers, size and precision. Overseas customers usually have more advanced technology and higherClaim.
The company’s server and switch orders this year saw high revenue growth and comprehensive customer deployment. Q3’s advanced certification at the US switch leader has also made progress, and it is expected when commercial cooperation will begin next year.

There can be more than 30 layers of advanced order products, with higher technical barriers (its advanced suppliers include a few of the US TTM, Hudian, etc.) and product gross margin (the gross margin of advanced orders is not less than 5G).Product revenue only accounts for less than 10% of the company’s overall. The introduction of these high-end customers is conducive to the company’s upcoming release of Nantong’s second-stage high-end capacity (the average number of layers is 16 layers higher than the existing plant area).

Nantong’s second-stage positioning of high-level orders is one of the keys to the company’s ability to maintain product competitiveness and avoid price competition.

According to the recent boom trend of the industry chain, the expansion of upstream server chips is picking up more than expected. Next year, downstream market demand is expected to welcome the boom again. At the same time, 5G networks and expansion of data center upgrades and expansions will continue to promote related equipment upgrades (such as opticalUpgrading to 100G, 400G) will bring expansion of the high-end PCB market and higher competition barriers, and provide long-term growth momentum for the company’s business.

  4. Investment suggestion We predict that the PCB business will gradually increase under the pull of 5G demand. In the medium and long term, we will see product upgrades, stack automation, and efficiency. The package substrate business is gradually entering the expansion period of storage products. The two major businesses continue to drive the growth of electronic assembly business.

  It is estimated that the revenue for 2019-2021 will be 108.15%, 20.3 billion, and the net profit of the mother will be 12.



500 million, corresponding to EPS 3.



59 yuan, corresponding to the current total PE is 42.



7 times, maintain “strongly recommended-A” rating, target price of 180 yuan.

  Risk warning: 5G progress is less than expected, industry competition is intensified, and macroeconomic risks